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Cannabis Summary for June 25, 2020

2020-06-25 19:35 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.05 points to 147.78 Thursday, while the Canadian Securities Exchange Composite Index gained 1.93 points to 378.9. Aleafia Health Inc. (AH) gained four cents to 54 cents on 3.83 million shares after announcing that its subsidiary, Emblem Cannabis Corp., agreed to receive $29.1-million as a settlement payment from Aphria Inc. (APHA: $5.76). Specifically, Emblem will receive $15.5-million in cash, $10-million in Aphria shares and will no longer be on the hook for receivables owed to Aphria. The settlement releases both parties from their obligations under the original supply agreement.

(The original supply agreement had been for Aphria to supply Emblem with up to 175,000 kilograms of cannabis products over a five-year period starting May 1, 2019. Aphria did not meet its supply obligations and thus Emblem terminated the deal in October, 2019. Emblem sought damages thereafter.)

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